Hedge Funds Flee New York for Tax-Free Florida

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Hedge fund executives are heading south, and not just for the winter.
The New York Post reports high-finance firms are leaving the high-tax environment of New York City for the lower taxes of Florida.

While the Sunshine State has no state income tax, the state and local taxes in New York amount to nearly 15 percent.

Business property is also much cheaper in Florida than New York.

Meanwhile, Florida is welcoming their new residents. Palm Beach has set up an office to answer questions from New York hedge funds looking to move to the area.

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